PACIFIC RELATIONS

Hokitika Guardian, 25 August 1933, Page 5

PACIFIC RELATIONS

WORLD CALAMITY OUTCOME OF PRESENT POLICY^ (United Press Association —By 'Electric leiegr&ph— Copyright; ' ■ '"if, BANFF, August 23. An opinion that the policy of drift in the' .Pacific woijld lead inevitably to a world’f calamity was expressed' fit the round-table conference of the Institute of Pacific Relations. ■lt considered that' a great smash might come iu; l ten, twenty or fifty years*, ' but it 'would certainly come, if remedies were not found’for the situation, in which - there was clashing on nearly half ’a- dozen- fundamental points. Sir Andrew McFadden,' British delegate, urged the nations to stand-by with their good offices to •be applied to any avenue that might l offer a prospect of-.peace and future security.- What wvas required,'he said, was that rarest of qualities, common-sense. Sir Herbert Samuel, addressing the plenary conference of the - Institute, supported The submission of the Japanese group for a .reorganisation of peace machinery fdY th© “Plibiflc area. The Japanese^urged'ithat existing provisions for alterations'in 'the status quo be implemented. They,* outlined a draft pact of security which would include many provisions ■ of' existing treaties and n th& Hpover^timsop.. doc» trine of non-recognition,\' ‘ ■ “Nationalism, and internationalism, are not necessarily contradictory,” -Sir H. Samuel said. “Tile World' must concentrate on making them' complementary and balanced. Nations should rely on international trade to supply the commodities I 'they caiinoi themselves abundantly supply most economically. Unless this occurs, there would be no alternative' befoi’e. such nations as Japan except' a policy of aggression hud imperialism..; Of the I four agencies of .specific .action in the present situation, Governments, . the , League of * Nations, organisations ; of traders,' and public opinion,. ..I .Relieve public opinion. is the strongest.” < Sir H. 'Samuel advocated the development/of ‘ peace and tranquility, the stabilisation of .currencies,, and reduction . of. barriers to. trade'. In view of the*rapid extension of Japanese trade and inconsequent’ hardship ' for their competitors, an effort towards allocation of ‘ markets should be considered. Many would w’atch with anxious interest’, the, conference ..of the Japanese, English and Indian textile interests at Simla. He mentioned the interesting possibility of the Asiatic countries. ! substituting’: wool for clothing materials now used. : A similar statement might be made of wheat. ,: ...

Interviewed, the' spokesman of the Chinese group said , China foiind herabsolutely unoble to consider favourably the peace proposals set ont by fiir H. Samuel. Japan’s proposals ■would have been 'satisfactory if Japan had not violated the Nine Power Treaty and the Kellog Treaty, and the League of; Nations’ covenant by her actions in Manchuria.' . Until this ■wrong was righted, and Mahchukuo abolished, China would not be a party to Japanese proposals. Reviews were made to-day of what round-tables had accomplished, 'and reports indicated that muah light had been thrown on the causes of friction. It was stated, however, that frank differences on" the 'application of remedies had developed. The causes of the present era of conflict in the Pacific w er e set forth, as tariffs, currency depreciation, raw materials ami pressure ,of population.

WORLD FINANCE, AND TRADE

AND NATIONAL-RECOVERY, ACT.

BANFF, August 24. Professor T. E. Guggenheim Gregory j British economist, expressed the opinion that -the course of the financial and trade events in the whole world in the next four months, Was likely to be. dependent upon, the action taken to the, national Recovery Act. He,, considered .it impossible to tion taken, to the National Recovery i t the long run. if the American dollar were allowed to fall. He predicted a depreciated dollar jwould be, followed by a further "fall in the pound, and the yen. ' He said: “If the dollar continues falling, and the pound'and yen follow, we are likely to witness enormous pressure on the remaining gold bloc, France and Holland. If they are driven off the gold standard, Indo-Ohina find Dutch East Indies, linked by political associations with these two countries, will iollow. flf Britain is forced to adopt 'a lower

xate of exchange, Scandinavian. Ausand New Zealand exchanges will be affected because the lowering of the pound would'mean one group or ether would be knocked out of the butter market, dairy market and fruit market unless they followed sterling dow n -”